SCB hails SME platform success

The platform leverages AI and machine learning technology developed by SCB Abacus – an analytics spin-off by SCB. Designed for SMEs on Lazada e-marketplace, the new online SME loan takes around 15 minutes for loan approval with an interest rate as low as 1.59 per cent per month. Service has expanded from Bangkok to 20 provinces. The bank said it allows SMEs to access funding with ease to increase liquidity and expand their business to stay competitive in the age of e-commerce. Pimolpa Suntichok, head of commercial banking, said: “As the customer behaviour changes, businesses of all sizes, including SMEs, need to consistently adjust their strategy to keep up with the disrupted market landscape. “Siam Commercial Bank understands the importance of leveraging technology to drive business growth and strives to develop a comprehensive digital banking platform in order to maintain industry leadership. “This is exemplified by the recent revamp of SCB Easy app, the launch of StartBiz app, and the platform SCB Business Anywhere to serve as a tool for corporate customers to operate their businesses.”